Posts

No Man’s Land

If you’re looking for some kind of directional indication from the short-term, the markets aren’t hearing it.

Since the Christmas Eve lows of last year, this market has been on a tear… until the last two weeks or so. Now it seems escape velocity is waning. Each time the SPX hits 2800 momentum seems to dry up.

After last week’s negative move the 200-day moving average is back on the menu. The question is, will it be support or resistance?

Given the earnings season is largely behind us, the markets now get to shift to economic reports and politics. But don’t be fooled – the real story remains the FOMC. As long as the cheap money remains in play, there’s little reason for investors to go elsewhere for returns.

Technical signals are pretty benign here. The upside momentum may be washing out, but there’s no significant downside to speak of yet either. This leaves us with a few key support levels in the short-term: 2742; 2722; and 2679.

To translate this into percentages, there’s about a 2.5% downside risk this week (according to technicals). There’s a similar amount of upside. Looks like we’re range-bound in the short-term until the market gets some news to confirm a directional break-out. So far, 2800 continues to be resistance.

IMPORTANT DISCLOSURE INFORMATION

Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by BigFoot), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from BigFoot. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. BigFoot is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the BigFoot’s current written disclosure statement discussing our advisory services and fees is available for review upon request.



S&P500 Enters Over-Bought Territory

Last week was another strong showing for the SPX in 2019.  In fact, so far, there have only been 3 negatives closes for the year.  The last time we saw the markets start this strong was… oh yeah, last year.  Then, in February, everything tanked.

This is not to say that everything is gearing up to tank again.  But it is to say the markets may be getting out ahead of themselves a bit.

Perhaps the biggest difference between 2018 and 2019 is where the markets have been.  After 2017’s strong upward move, the markets were still pushing higher.  After 2018’s late-year collapse, the markets are still recovering.

From a technical perspective, we’re now in a fragile zone.  The fundamental data is holding thus far.  So a bottom may have been put in on Christmas Eve 2018.  Typically you’ll get some kind of pull-back — or even a re-test — after the drop and bounce the markets have just experienced.  The key is where to measure from.

The low on Christmas Eve of last year is a pretty easy spot to peg on the charts.  From that point, we saw a v-bottom recovery up until today.  How high this initial bounce goes is yet to be determined.  As of last Friday, the SPX crossed above its 50-day moving average.  However, it’s still below it’s 100 and 200-day moving averages.

If a relatively typical 50-percent retracement were to occur at this point, we could measure between either the 50, 100, or 200-day moving average back to Christmas Eve.  Doing this, we get either 2554, 2548, or 2495.  We can also toss 2516 in there based on last Friday’s close.  That’s anywhere from a 4.3-to-6.5 percent pull-back from Friday’s close.

What happens if support fails at these levels?  Well, it gets tricky.  There’s sort of a last-resort number at 2480.  But if that level gets violated, we’re looking at 2408 or a full-blow re-test of the Christmas Eve lows.  We do not want to discuss the outcome if the markets hit a lower low.  Let’s just say we could be partying like it’s 1999…  or maybe 2150.

What happens if we don’t get a pull-back at all?  Outcome unclear.

If there is no pull-back, presumably it’s because we’ve seen a material shift in expectations for the economy.  As of now, people are on the look-out for recessionary signals.  So anything that pushes that probability farther out into the future would be greeted as good news to this markets.  And we could see a drive even further towards the 2825-2884 range — or perhaps significantly higher.

So enjoy the January effect.  But before you get too excited about the possibility of a market melt-up, let’s all take a deep breath and see if we can breach the 200-day moving average and close above this level for a couple weeks.  That would be a strong signal that the Christmas hangover was behind us.  Until such time, we’re not out of the woods on this thing yet.

IMPORTANT DISCLOSURE INFORMATION

Please remember that past performance may not be indicative of future results. Different
types of investments involve varying degrees of risk, and there can be no assurance
that the future performance of any specific investment, investment strategy, or product
(including the investments and/or investment strategies recommended or undertaken by
BigFoot), or any non-investment related content, made reference to directly or indirectly
in this blog will be profitable, equal any corresponding indicated historical performance
level(s), be suitable for your portfolio or individual situation, or prove successful. Due
to various factors, including changing market conditions and/or applicable laws, the
content may no longer be reflective of current opinions or positions. Moreover, you
should not assume that any discussion or information contained in this blog serves as the
receipt of, or as a substitute for, personalized investment advice from BigFoot. To the
extent that a reader has any questions regarding the applicability of any specific issue
discussed above to his/her individual situation, he/she is encouraged to consult with the
professional advisor of his/her choosing. BigFoot is neither a law firm nor a certified
public accounting firm and no portion of the blog content should be construed as legal
or accounting advice. A copy of the BigFoot’s current written disclosure statement
discussing our advisory services and fees is available for review upon request.

 

Retrenchment

Thank you Veterans.

And for the rest of us market jocks, what’s the scoop for the week?  Look for retrenchment above SPX 2750.  In fact, look for 2800 this week as markets seek to find footing.

While the 200-day moving average should form some support, futures trading has been eradic over the weekend.   At first, futures showed a higher open.  But things swung to the downside as Europe opened and oil prices pushed higher.

This kind of pricing behavior is not necessarily predictive of anything other than folks repositioning over the weekend.  And since the range for the repositioning was relatively narrow, it may simply be noise.  Given last week’s strong move higher — after a 10% correction for most indexes — and a ‘nearly’ completed election — it looks like the markets are poised to start reclaiming some of their last ground from October.

One of the growing concerns is in the housing market.  Keep an eye on that in the coming months.  While stocks remain attractive relative to everything else, the housing market slow-down may be a sign that this almost-10-year economic expansion is feeling the affects of higher interest rates more than folks may care to admit.

It may sound funny, because mortgage rates in the 5’s are still historically low.  But, compared to mortgage rates in the 3’s, they’re some 30% higher than they used to be.  For folks that have never known higher borrowing costs in their lives (save credit cards), this could be a legitimate point of contention.

As a housing market aside, it’s going to be very interesting to follow what comes out of the massive forest first in California.  Not only has there been loss of life.  There’s been massive loss of property (which may actually be stimulative for the housing market).  There’s been massive strain on infrastructure.  And it’s called to the forefront some of the questionable Federal forest management policy that’s lead to these massive fires.  (Admittedly, this is something personal for me as the Pacific Northwest experiences fires every summer.  However, with only 4 million or so people in Oregon, there are not enough votes to seem to move the needle much in Washington.  But have this happen in California, and now we have your attention.)  Federal changes in forest management could potentially unlock a lot of value in timber.  If this were to happen, the housing markets would need to be reexamined.

Look for some early volatility this week as markets find their footing.  As long as the SPX stays above 1750 or so a recovery trend is still probable.  A close below this level and we’ll have to reconsider whether the Santa Clause rally is really coming to town.

IMPORTANT DISCLOSURE INFORMATION

Please remember that past performance may not be indicative of future results. Different
types of investments involve varying degrees of risk, and there can be no assurance
that the future performance of any specific investment, investment strategy, or product
(including the investments and/or investment strategies recommended or undertaken by
BigFoot), or any non-investment related content, made reference to directly or indirectly
in this blog will be profitable, equal any corresponding indicated historical performance
level(s), be suitable for your portfolio or individual situation, or prove successful. Due
to various factors, including changing market conditions and/or applicable laws, the
content may no longer be reflective of current opinions or positions. Moreover, you
should not assume that any discussion or information contained in this blog serves as the
receipt of, or as a substitute for, personalized investment advice from BigFoot. To the
extent that a reader has any questions regarding the applicability of any specific issue
discussed above to his/her individual situation, he/she is encouraged to consult with the
professional advisor of his/her choosing. BigFoot is neither a law firm nor a certified
public accounting firm and no portion of the blog content should be construed as legal
or accounting advice. A copy of the BigFoot’s current written disclosure statement
discussing our advisory services and fees is available for review upon request.

Technical Outlook Still Unclear

While the long-term trend support seems to be in place (around the 200-day moving average), the intermediate-term numbers are all over the place.

This week is an interesting set-up.  The futures over the weekend are indicating a strong positive open for the week.  And over 1000 companies report earnings this week.  This, paired with very little Fed activity, should make for a decent backdrop for the markets.

Looking at the technical data, it’s a tale of two markets.  One market has the SPX running back to over 2825 this week.  The other has the SPX failing down to about 2675.  The volatility range looks like it could be quite high this week.  The bias, fortunately, appears to be positive.

The last several weeks have taken a lot of the wind out of the sales of this market.  While it doesn’t appear a full-blown bear is yet upon us, the BigFoot database has now fallen from the mid-70’s in terms of percent long, to low 50’s.  This is a meaningful shift.

On the one hand, money has been in motion, so some new opportunities should arise.  On the other hand, money has been in motion, and there’s clearly a shakeup.  Tech, in particular, has taken a hard hit in October.

Given that all three macro indicators remain positive, the backdrop for a major decline still hasn’t materialized yet.  Once the elections are over perhaps the markets can get a better idea which direction they’d like to commit.  For now, look for continued volatility, with a positive bias for the week.

IMPORTANT DISCLOSURE INFORMATION

Please remember that past performance may not be indicative of future results. Different
types of investments involve varying degrees of risk, and there can be no assurance
that the future performance of any specific investment, investment strategy, or product
(including the investments and/or investment strategies recommended or undertaken by
BigFoot), or any non-investment related content, made reference to directly or indirectly
in this blog will be profitable, equal any corresponding indicated historical performance
level(s), be suitable for your portfolio or individual situation, or prove successful. Due
to various factors, including changing market conditions and/or applicable laws, the
content may no longer be reflective of current opinions or positions. Moreover, you
should not assume that any discussion or information contained in this blog serves as the
receipt of, or as a substitute for, personalized investment advice from BigFoot. To the
extent that a reader has any questions regarding the applicability of any specific issue
discussed above to his/her individual situation, he/she is encouraged to consult with the
professional advisor of his/her choosing. BigFoot is neither a law firm nor a certified
public accounting firm and no portion of the blog content should be construed as legal
or accounting advice. A copy of the BigFoot’s current written disclosure statement
discussing our advisory services and fees is available for review upon request.

Clawing Back Highs

With trade war rhetoric declining, markets are showing signs of consolidation and retrenchment.  The SPX appears to be setting up a strong support level at 2700 or so.  This bodes well for the bulls out there, as the setup shows signs the January highs could be taken out in the coming weeks.

At this point the SPX has climbed above both the 50, 100, and 200-day moving averages.  Small cap indexes have also started moving more aggressively to the up-side.  Both are good signs that the risk-on trade may be back in vogue.

The SPX 100-day moving average is actually higher than the 50-day.  If these two averages flip (with the 50 above the 100) that is a potential confirmation the markets are gearing to take out January high water markets.

Fingers crossed!

IMPORTANT DISCLOSURE INFORMATION

Please remember that past performance may not be indicative of future results. Different
types of investments involve varying degrees of risk, and there can be no assurance
that the future performance of any specific investment, investment strategy, or product
(including the investments and/or investment strategies recommended or undertaken by
BigFoot), or any non-investment related content, made reference to directly or indirectly
in this blog will be profitable, equal any corresponding indicated historical performance
level(s), be suitable for your portfolio or individual situation, or prove successful. Due
to various factors, including changing market conditions and/or applicable laws, the
content may no longer be reflective of current opinions or positions. Moreover, you
should not assume that any discussion or information contained in this blog serves as the
receipt of, or as a substitute for, personalized investment advice from BigFoot. To the
extent that a reader has any questions regarding the applicability of any specific issue
discussed above to his/her individual situation, he/she is encouraged to consult with the
professional advisor of his/her choosing. BigFoot is neither a law firm nor a certified
public accounting firm and no portion of the blog content should be construed as legal
or accounting advice. A copy of the BigFoot’s current written disclosure statement
discussing our advisory services and fees is available for review upon request.

 

Is the Bull Market Back On?

Last week may have been the break-out traders have been looking for as major indexes finished positive for the week.

After several months of correction it looks like the 200-day moving average for the SPX is likely to hold support.  It has been tested several times.  Each time a wave of buyers showed up.  This is classic correction/recovery territory for a bull market.

The recent push higher has driven the markets into a slightly over-bought situation, but this may not lead to a significant pull-back from here.  If the SPX were to pull back though, it support is likely to materialize at the 2700 level, or just below at the 50-day moving average.

The ‘set up’ right now appears to be one for the markets to move higher from here.  Last week’s move validated support and pushed through the psychological resistance level of 2700.  If this week finishes higher it’s likely the markets will continue grinding higher to re-test the January highs for the year.

Ironically, while the markets are showing ‘good news’ with things recovering, it appears to be the ‘bad news’ cycle that keeps things moving higher.  Too good and markets worry the Fed will change monetary policy.  Too bad and things are actually pretty bad.  But not good?  That seems to be the Goldilocks spot:  not good enough for the Fed to change, but not bad enough for money to move out of the markets.

Goofy times we live in.

IMPORTANT DISCLOSURE INFORMATION

Please remember that past performance may not be indicative of future results. Different
types of investments involve varying degrees of risk, and there can be no assurance
that the future performance of any specific investment, investment strategy, or product
(including the investments and/or investment strategies recommended or undertaken by
BigFoot), or any non-investment related content, made reference to directly or indirectly
in this blog will be profitable, equal any corresponding indicated historical performance
level(s), be suitable for your portfolio or individual situation, or prove successful. Due
to various factors, including changing market conditions and/or applicable laws, the
content may no longer be reflective of current opinions or positions. Moreover, you
should not assume that any discussion or information contained in this blog serves as the
receipt of, or as a substitute for, personalized investment advice from BigFoot. To the
extent that a reader has any questions regarding the applicability of any specific issue
discussed above to his/her individual situation, he/she is encouraged to consult with the
professional advisor of his/her choosing. BigFoot is neither a law firm nor a certified
public accounting firm and no portion of the blog content should be construed as legal
or accounting advice. A copy of the BigFoot’s current written disclosure statement
discussing our advisory services and fees is available for review upon request.

Mixed Signals Everywhere

With so many ‘this is good, but this is bad’ data points out there, it’s difficult to make heads or tails of this market.  Bull or bear?  Maybe the answer is neither… for now.

The interesting thing that’s been going on, really since Janet Yellen stepped down as FOMC chair, is that volatility — in general — spiked.

Intra-day volatility has remained pretty high.  But week-to-week, it seems like the swings are starting to normalize somewhat.  Could it be as simple as the markets getting used to Jerome Powell at the FOMC now — and realizing there has not been a significant policy shift nor a radical departure in communication style from the Fed?  And if so, is there really that much of a reason to expect the bears to drag this thing down much further?

If the market is primarily concerned with the cost of capital, it seems the corporate earnings picture is proving that the incremental rate hikes are yet to have a significant impact on things.  And the tax cuts are still just being realized in the system.  So…  geopolitics… which haven’t been a significant influencer of the markets (or even volatility for that matter) for the past several years, are all the sudden the big concern for the markets?  Don’t seem to jive with how the markets have behaved the last few years.

Seems more like the markets have to decide whether or not the ‘peak earnings’ theory throw out there by CAT is the real question.  And so far, the answer appears to be no.  So apparently it’s not what have you done for me lately, but what are you going to do for me next, that the market is looking for.

On last week’s conference call we discussed the pennant pattern the S&P500 has been forming through most of 2018.  This week the number to watch is 2688.  A close above this level for the week could be the start of a break-out that has this market re-test the 2018 highs published in January (fun stuff).  A close below the 200-day moving average (currently 2611, but call support 2600) would be a break-out to the other side, and signal a move lower.

We’ll see if this week signals a ‘sell in May and go away’ event, or if the old wive’s tales or the markets are nothing but baloney.  Have a great week!

IMPORTANT DISCLOSURE INFORMATION

Please remember that past performance may not be indicative of future results. Different
types of investments involve varying degrees of risk, and there can be no assurance
that the future performance of any specific investment, investment strategy, or product
(including the investments and/or investment strategies recommended or undertaken by
BigFoot), or any non-investment related content, made reference to directly or indirectly
in this blog will be profitable, equal any corresponding indicated historical performance
level(s), be suitable for your portfolio or individual situation, or prove successful. Due
to various factors, including changing market conditions and/or applicable laws, the
content may no longer be reflective of current opinions or positions. Moreover, you
should not assume that any discussion or information contained in this blog serves as the
receipt of, or as a substitute for, personalized investment advice from BigFoot. To the
extent that a reader has any questions regarding the applicability of any specific issue
discussed above to his/her individual situation, he/she is encouraged to consult with the
professional advisor of his/her choosing. BigFoot is neither a law firm nor a certified
public accounting firm and no portion of the blog content should be construed as legal
or accounting advice. A copy of the BigFoot’s current written disclosure statement
discussing our advisory services and fees is available for review upon request.

 

What if Earnings Aren’t Enough?

The theme that’s starting to permeate this market is “what if earnings aren’t enough?”  So far the SP500 has, on average, exceeded Wall Street earnings estimates by around seven percent.  Yet stocks, after beating estimates, haven’t popped.  In fact, it seems the downside penalty this season has been about three times harsher than the upside reward a company receives for an earnings beat.  So what gives?

One theory is that investors are starting to look further down the road as far as earnings go.  Will earnings keep climbing, or was last quarter the end of the good news?

Another theory is that markets are still highly valued on a multiple basis even with the higher earnings.

Both may be true.  The technical signals are a mixed bag right now.  While support for the SPX has held up around the 200-day moving average, so far the index has failed to reach escape velocity and break out above the 50/100 dma’s.  In fact, the 50dma is currently below the 100dma.

These mixed signals, unfortunately, give little indication the market is going to break out to the high side — even with the strong earnings season.  It seems the focus has shifted to ‘everything else’ as investors remain uncomfortable with wear we are deep in the bull market cycle.

Interestingly, the base case from the beginning of the year — with a minimum price target of 2890 — is still on the table.  Some analysts have started to downgrade their expectations for the year though.  2890 is pretty low compared to many estimates out there (to be fair, our ‘minimum’ price target isn’t what’s expected.  We have a more likely target of 2940 on the chart as well – and several projections that were over 3000).

Since last week was a complete wash (SPX opened at 2670.10 and closed at 2670.14), the key for this week will be to see if we trade outside of last week’s trading range.  This puts the low at 2660 and the high at 2717.  A daily close above or below either of these levels would be an indication of directional bias (though a break-out to the high side would be more significant — a drip below 2660 just means we could test the 200dma again).

The markets are still in search of a catalyst.  Until something changes, look for the sideways trend to continue.

IMPORTANT DISCLOSURE INFORMATION

Please remember that past performance may not be indicative of future results. Different
types of investments involve varying degrees of risk, and there can be no assurance
that the future performance of any specific investment, investment strategy, or product
(including the investments and/or investment strategies recommended or undertaken by
BigFoot), or any non-investment related content, made reference to directly or indirectly
in this blog will be profitable, equal any corresponding indicated historical performance
level(s), be suitable for your portfolio or individual situation, or prove successful. Due
to various factors, including changing market conditions and/or applicable laws, the
content may no longer be reflective of current opinions or positions. Moreover, you
should not assume that any discussion or information contained in this blog serves as the
receipt of, or as a substitute for, personalized investment advice from BigFoot. To the
extent that a reader has any questions regarding the applicability of any specific issue
discussed above to his/her individual situation, he/she is encouraged to consult with the
professional advisor of his/her choosing. BigFoot is neither a law firm nor a certified
public accounting firm and no portion of the blog content should be construed as legal
or accounting advice. A copy of the BigFoot’s current written disclosure statement
discussing our advisory services and fees is available for review upon request.

Some Algos Are Finding New Buys Out There

While the needle hasn’t exactly moved much, the bleeding seems to have stopped for now as the BF database crept ever-so-slightly higher toward the long side over the weekend.  The move itself is not all that statistically significant.  The fact that the declines stopped may be however.

For now, the trading range has not been broken.  But futures point to a higher open signaling the potential for things to break above the 50-day moving averages.  From a technical perspective, this would indicate the market could be picking up momentum and looking to break-out to the high side from here.

Before you get too excited though, you might want to pump the brakes.  Geopolitical tensions remain high right now – especially with the recent shelling of Syria by the US.  This may further strain relations with Moscow.  It’s not necessarily a direct economic concern given the over-supply of oil right now.  But it’s a wild card as to what they may do and how that impact could ripple through to other players.  It’s the uncertainty factor the markets hate.

As Earnings Season gets into full swing the markets will likely be paying close attention to both earnings AND guidance this round.  Strong guidance will be important.  Also, keep your ears open for any indications of slowing global economic growth.  The story has been a global coordinated recovery for a while now.  Any signs that the recovery is getting shaky could lead to more uncertainty for this market.

Bottom line, while the story for a higher market is still in place, the wrong sequence of events could spook things and lead us lower.  As of now, the trading range between 2600-to-2700 remains for the S&P500.  The 200-day support and 50-day resistance levels continue to move closer to each other.  As they do, it’s likely the 50-day resistance will fade.  A breach of the 200-day support may still be viewed as problematic though.  More to follow on that one IF we breach that level (currently at 2599 — so we may as well call it 2600 for our purposes).

IMPORTANT DISCLOSURE INFORMATION

Please remember that past performance may not be indicative of future results. Different
types of investments involve varying degrees of risk, and there can be no assurance
that the future performance of any specific investment, investment strategy, or product
(including the investments and/or investment strategies recommended or undertaken by
BigFoot), or any non-investment related content, made reference to directly or indirectly
in this blog will be profitable, equal any corresponding indicated historical performance
level(s), be suitable for your portfolio or individual situation, or prove successful. Due
to various factors, including changing market conditions and/or applicable laws, the
content may no longer be reflective of current opinions or positions. Moreover, you
should not assume that any discussion or information contained in this blog serves as the
receipt of, or as a substitute for, personalized investment advice from BigFoot. To the
extent that a reader has any questions regarding the applicability of any specific issue
discussed above to his/her individual situation, he/she is encouraged to consult with the
professional advisor of his/her choosing. BigFoot is neither a law firm nor a certified
public accounting firm and no portion of the blog content should be construed as legal
or accounting advice. A copy of the BigFoot’s current written disclosure statement
discussing our advisory services and fees is available for review upon request.

Will the 200-day Moving Average Hold Support for the SPX?

Last Friday’s market fail was technically disappointing as a the week ended lower.  The 200-day moving average (currently at 2593) barely held up.  In fact, it was breached intraday last week.

The technical set-up is now in messy territory.  On a day-over-day basis, it looks like the 200-day moving average is holding up as support.  However, on a week-over-week basis, the data is less conclusive.

It appears a significant area of support is setting up at the 2585 level.  That was the previous low mark in the current pull-back.  It is also barely above the 2582, which is the current tipping point for the Market Macro Indicator.

While the futures markets have been higher over the weekend, the talk about trade wars continues to escalate.  It seems unlikely both China and the US would cut their noses off (economically speaking) to spite their face.  So this is likely more about rhetoric and negotiation posturing.  But it’s certainly got the markets spooked.

More importantly, the futures markets seem to do little to point out the future these days.  Other than confirming the immediate trend in the markets — and perhaps providing some insight into the extreme highs and lows in the trading day — there seems to be less correlation between the futures and the market than in prior months.  So take the data with a grain of salt.

The 200-day moving average appears to be the place to watch.  If that holds, it looks like a trading range between 2600 or so on the downside, and 2700 on the upside until earnings season gets rockin’ in another week or two.  If earnings continue to shine, the uptrend can resume (as long as tariff talks moderate).  If not…   well, let’s not borrow trouble just yet.

For now, the algo database has shaved another point off, dropping to 28% long.  The marcro’s are holding steady and remain long.  One thing’s for sure, it ain’t boring!

IMPORTANT DISCLOSURE INFORMATION

Please remember that past performance may not be indicative of future results. Different
types of investments involve varying degrees of risk, and there can be no assurance
that the future performance of any specific investment, investment strategy, or product
(including the investments and/or investment strategies recommended or undertaken by
BigFoot), or any non-investment related content, made reference to directly or indirectly
in this blog will be profitable, equal any corresponding indicated historical performance
level(s), be suitable for your portfolio or individual situation, or prove successful. Due
to various factors, including changing market conditions and/or applicable laws, the
content may no longer be reflective of current opinions or positions. Moreover, you
should not assume that any discussion or information contained in this blog serves as the
receipt of, or as a substitute for, personalized investment advice from BigFoot. To the
extent that a reader has any questions regarding the applicability of any specific issue
discussed above to his/her individual situation, he/she is encouraged to consult with the
professional advisor of his/her choosing. BigFoot is neither a law firm nor a certified
public accounting firm and no portion of the blog content should be construed as legal
or accounting advice. A copy of the BigFoot’s current written disclosure statement
discussing our advisory services and fees is available for review upon request.